Research Triangle Park, NC -- August 1, 2001 -- Silicon Valley Bank (the "Bank"), a wholly owned subsidiary of Silicon Valley Bancshares, announced it established a financial relationship with Avesair Inc.
Cary, North Carolina-based Avesair, a leading provider of carrier-class mobile application software, will use the Bank for a variety of financial services, including managing general operating accounts, lease lines and cash management.
"Avesair is delighted with our new relationship with Silicon Valley Bank," said Beth Roach, vice president of finance for Avesair. "We believe we now have a strong partner to advise and guide our company's financial future."
"Avesair attracted significant attention in the Research Triangle Park area after raising a substantial first round of financing last year totaling $16 million," said Andrew Rico, manager of Silicon Valley Bank's Research Triangle Park office. "The Bank recognized the considerable strengths of the company's technology, management team and investor support. We look forward to a fruitful ongoing relationship with Avesair, which is a pioneer in the wireless market."
About Avesair Inc.
Avesair Inc. is the premier provider of carrier class mobile application software enabling mobile operators and wireless networks to deliver a full range of decision-based services to subscribers. Avesair's decision technology allows mobile operators to increase revenues and decrease churn through the effective targeting and delivery of relevant content such as advertising and marketing messages, commerce and promotions, and personalized content. These types of services enable mobile operators to create loyalty programs that attract and retain subscribers, as well as generate new revenue streams through value-added data services. Avesair is based near Research Triangle Park, North Carolina and has offices in the United States and Europe. The company is privately held and funded by Nokia Venture Partners and New Things. For more information on Avesair please visit www.avesair.com or email info@avesair.com.
About Silicon Valley Bank
Silicon Valley Bank serves emerging growth and middle market companies in targeted niches, focusing on technology and life sciences, while also addressing other specific industries in which it can provide a higher level of service and better manage credit through specialization and focus.
The Bank operates throughout the Silicon Valley: Santa Clara, Palo Alto and Sand Hill, the center of the venture capital community in California. Other regional offices within California include: Irvine, Los Angeles, Napa Valley, San Diego, San Francisco, Santa Barbara, and Sonoma. Office locations outside of California include: Phoenix, Arizona; Boulder, Colorado; West Palm Beach, Florida; Atlanta, Georgia; Chicago, Illinois; Boston, Massachusetts; Minneapolis, Minnesota; Durham, North Carolina; Portland, Oregon; Philadelphia, Pennsylvania; Austin, Texas; Dallas, Texas; Northern Virginia; and Seattle, Washington.
SVB Contact: Andrea McGhee, (408) 654-3078, amcghee@svbank.com.